/biz/ - Business & Finance

[Anonymous No.16331855]

It’s fucking ogre. Coinbase is about to rape us all. Now that they’re requiring tax info to trade, there goes an influx of any new dumb money FOMOing in.

Also the problem with crypto trading is when you send your crypto to another wallet (aka Binance), and then send it back and sell, they don’t know where that came from so they’re not counting that as a basis.

Aka you send 10k of BTC to Binance, fuck around and trade, then send 9k back to Coinbase to sell. Well they don’t know that technically it’s from that same 10k. So instead of a 1k loss, they think you now have a 9k gain.

So that means you gotta report the Binance trades too to offset the imbalance. Which there are fucking tons of shitcoin trades we have all done, AND now they know about the Binance stuff. Otherwise if you just import your trades into Bitcoin Tax or whatever of just Coinbase, they’re going to say you owe way more money than you actually made (or you lost, but then it says you still owe)

I’m not even sure how people are going to accurately report. Considering many people use coinbase as their fiat gateway, and traded on Binance for shitcoin trading all of 2019. Wtf it’s all fucked.

[Anonymous No.16331868]

its ok, they need that tax money to send to the jews

[Anonymous No.16331869]

>>16331855
durrrr im retarded

[Anonymous No.16331875]

THE LAND OF FREEDOM

[Anonymous No.16331878]

>cashing out
the ultimate meme

[Anonymous No.16331894]

>>16331855
Take your anxiety medication

[Anonymous No.16331900]

>>16331855
Bitcoin.tax. Report everything. Problem solved.

[Anonymous No.16331905]

>>16331855
HE THOUGHT HE COULD GET RICH OFF MEMECOINS HAHAHAHA

[Anonymous No.16331914]

It took me like 20 minutes to make a 500 page 8949 with all of my trades from Binance/Kucoin etc for 2018. It's not even remotely difficult.

[Anonymous No.16331926]

>>16331855
This is not how basis reporting works idiot.

[Anonymous No.16331939]

I wish coinbase would just buy bitcoin.tax and offer that as a free service.

[Anonymous No.16331951]

Burger here. This is the final straw. I’m moving to Europe and never coming back

I’ll have a million untraceable for gateways over there.

[Anonymous No.16331952]

>>16331855
wow not like there are alternatives to coinbase lol all my shits in a hardware wallet anyway guess ill just buy/sell somewhere else

[Anonymous No.16331959]

imagine selling before moon and before IRS guidelines resolve. Thanks for being the crashtest dummys daytraders.

[Anonymous No.16331965]

>>16331875
HOME OF THE SLAVE

[Anonymous No.16331977]

>>16331951
remember to renounce your burguer citizenship

[Anonymous No.16331991]

I've been using Bitcoin.tax for two years now and everything has been fine. Not worried about this in the slightest.

>>16331977

You have to pay taxes on your assets if you do this kek

[Anonymous No.16332022]

>>16331855
This is why I have never, and I repeat never, traded shitcoins. I have only ever made money on big coins (btc, eth, ltc) and then moved that into link. Longtime holder. I have no idea wtf you day traders were thinking. Of course this was going to happen.

[Anonymous No.16332038]

are you really this new? we've had threads like this in the winter and spring every year. coinbase has been sending out 1099ks since 2017

[Anonymous No.16332062]

>>16331855
I thought they only did this to amerimutts. How come I am require to send them tax info? I fill this shit out on my own, who the fuck do they think they are?

[Anonymous No.16332074]

>>16331914
Please tell me you sent them a physical copy. I'd like to imagine some low paid wagecuck at IRS going through all that.

[Anonymous No.16332086]

>>16331905
>thinks he can't
the real meme

[Anonymous No.16332114]

>>16331977
THIS, its the ONLY way Mutts can have freedom
https://www.forbes.com/sites/robertwood/2019/02/27/want-to-travel-irs-warns-u-s-passports-in-jeopardy-if-you-owe-52k-in-taxes/
Name a more KEKED nations that retarded Burgers, get fucked if you didn't see this coming. FYI It's only going to get worse.

This is now a laugh at the dumb Mutts /thread

[Anonymous No.16332133]

>>16332074
No, my accountant cleaned it up for me with his tax software and filed it electronically. I'd rather pay my guy (shoutout to you Wayne, you're a beast, thanks for everything, see you at the Christmas party) and send the IRS something they can work with easily than try to give them the finger and get audited.

Protip to everyone: the one organization in the world you do not fuck with is the IRS. You have a better chance against the SEALs or Mossad.

[Anonymous No.16332143]

>>16331939
This

[Anonymous No.16332188]

>>16332133
Audited,land of theeeee freee!,hehehe,germans called it sonderbehandlung,o die irony! (Laughs in evil nazi voice now)

[Anonymous No.16332280]

>>16331855
>So that means you gotta report the Binance trades too to offset the imbalance. Which there are fucking tons of shitcoin trades we have all done, AND now they know about the Binance stuff. Otherwise if you just import your trades into Bitcoin Tax or whatever of just Coinbase, they’re going to say you owe way more money than you actually made (or you lost, but then it says you still owe)

So if you report your taxes improperly you will be taxed improperly? Wow, thanks for the heads up you fucking dipshit. Reporting crypto taxes literally takes a few hours, shut the fuck up retard it is free money and you have no one to blame but yourself. If you thought you were some kind of cyber badass who was going to own the system by buying shitcoins then you should have planned accordingly - your ignorance is your own burden faggot.

[Anonymous No.16332292]

>>16332114
kill all adblock free websites
their opinions mean nothing

[Anonymous No.16332296]

>>16331914
Is it actually profitable? I feel like trading that often with crypto-to-crypto tax would fuck you profits

[Anonymous No.16332349]

>>16332292
I spell it out for you then, owe $52k to the Mutt IRS get your passport taken away!
Land of the fREEEEEEEEEEEEEEEEEEEEEE

[Anonymous No.16332380]

>paying taxes that go to niggers and subhumans

Just abstain

[Anonymous No.16332391]

>>16332296
I didn't actually trade that much, what caused the enormous amount of transactions was the rewards dust I accumulated from KuCoin. Made almost $8k spamming my invitation link here during the peak alt bull insanity in Dec '17-Jan '18

[Anonymous No.16332421]

>>16332380
>Thinks taxes pay for welfare

[Anonymous No.16332432]

>>16332380
taxes mostly go to blowing up brownies 1000s of miles away
abstaining is a moral obligation

[Anonymous No.16332433]

>>16331875
MUH FREEDUMBS SHALL NOT BE INFRINGEDEDEDEDED

[Anonymous No.16332540]

>>16332133
I don't think sending them a physical form will give you more chances of getting audited. Even if you did, it sounds like you did everything to the book so why worry?

[Anonymous No.16332555]

>>16331855
when you do your taxes, you will write in your total capital gains. you're overthinking it.

[Anonymous No.16333172]

>>16331868
FPBP

[Anonymous No.16333181]

https://www.nationalreview.com/2019/11/irs-tax-collection-system-brink-of-collapse/

[Anonymous No.16333188]

So don't buy use Coinbase to buy, trade, or sell crypto. It's that easy

[Anonymous No.16333362]

This is good news for everyone on /biz/ because you can write off losses

[Anonymous No.16333403]

>>16332421

Where do you think it comes from?

[Anonymous No.16333463]

>now
They sent out 1099's last year newfag

[Anonymous No.16333478]

>>16333362
This, 1099 from coinbase surprised me but i reported -18k with binance trades too. Bear.tax is pretty dank

[Anonymous No.16333628]

>>16333403
Well evidence shows it isn't tax. I would say it makes the most sense that its the national insurance of the jurisdiction. Through that insurance they get to subrogate your rights ect. At a basic minimum its debt.

[Anonymous No.16333672]

>>16333628
This is so stupid you should get the death penalty.

It's not rocket science. State and federal budgets come from some where. Your being obtuse on purpose.

[Anonymous No.16333688]

>>16333628
>Well evidence shows it isn't tax.

Marxists are so fucking dumb.

[Anonymous No.16333743]

>>16333672
>Your being obtuse on purpose.
>>16333688
>Marxists are so fucking dumb.

I'm guessin you haven't heard of 'the grace commission'?

>The report said that one-third of all income taxes are consumed by waste and inefficiency in the federal government, and another one-third escapes collection owing to the underground economy. "With two thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services that taxpayers expect from their government."

Do you know what subrogation is?